Abu Dhabi – Mubasher: Eshraq Properties on Thursday posted an AED 31.8 million ($8.7 million) in net profits during the fourth quarter of 2017.
The Abu Dhabi Securities Exchange (ADX) listed firm’s net profit reached AED 32.3 million in the full year 2017, according to a bourse statement.
“On the development front, Eshraq achieved several key milestones in 2017, including the construction initiation of the Marina Rise, a 233-apartment project on Reem Island, expected to be delivered by the end of 2019,” the UAE-based developer said in a statement.
Eshraq’s operating profit recorded AED 32.54 million in the last four quarters, the company’s data showed.
“Throughout the year, Eshraq has made substantial progress in its negotiations with Reem Investments in relation to the latter’s proposed acquisition of a strategic shareholding within Eshraq,” the firm concluded.